MannKind says second tranche conditions of note financing satisfied MannKind announced that, pursuant to an agreement dated July 1 between Deerfield and MannKind, the conditions that obligate Deerfield to purchase the second $40M tranche of 9.75% senior secured convertible notes have now been satisfied. The second tranche of notes was subject to the achievement of Phase 3 data from studies 171 and 175 that met the primary efficacy endpoints of these studies and did not show any adverse safety issue that would reasonably be expected to prevent approval of AFREZZA. The agreement provides that Deerfield is obligated to purchase up to four equal tranches of Convertible Notes for total gross proceeds of up to $160M. The closing of the second tranche is expected to occur no later than September 6.
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